Ethereum (ETH), the world’s second-largest cryptocurrency by market cap, appears to be a perfect buying opportunity as whales and institutions are heavily accumulating. On November 1, 2024, a blockchain-based transaction tracker Lookonchain made a post on X (previously Twitter) that a smart trader had purchased a significant 7,483 ETH worth $18.8 million.
ETH Accumulation By Whales and Traders
One thing that captured everyone’s attention is the trader’s 100% win rate. Additionally, this purchase occurred when ETH was near the lower boundary of its bullish channel pattern.
Lookonchain noted that this trader has traded ETH nearly 10 times between August 12 and September 28, 2024, achieving a total profit of over $2.14 million. Currently, this smart trader holds 10,216 ETH worth $25.6 million with an unrealized loss of $1.21 million.
Additionally, another whale wallet with the address “0xb9” has acquired a significant 19,772 ETH worth $50 million over the past 3 days. This address has accumulated a substantial 54,272 ETH valued at $137 million from Binance and Bybit since September 17, 2024.
This continuous and significant accumulation of ETH hints at a bullish signal for token holders and suggests a potential upward rally in the coming days.
Ethereum Technical Analysis and Upcoming Level
According to expert technical analysis, Ether appears bullish and is poised for an 11% rally to reach the $2,815 level in the coming days. The primary reason for this bullish outlook is the price action pattern. On the daily chart, ETH has formed a bullish ascending price action pattern, with the current price positioned at the lower boundary of this pattern.
Based on historical price momentum, whenever the price approaches the lower boundary of the pattern, it tends to encounter buying pressure, resulting in an upward rally. With a similar pattern forming this time, the crypto community expects a comparable upside rally in the coming days.
Current Price Momentum
As of now, ETH is trading near $2,545 and has experienced a price decline of 1% over the past 24 hours. During the same period, its trading volume soared by 7.5%, indicating heightened participation from traders and investors amid recent whale activity.
